As the US debates legislation to normalize crypto, China isn’t sitting still. Today, Hong Kong granted its first stablecoin licenses, with HSBC and Standard Chartered JV grabbing the coveted permission. Hong Kong has granted stablecoin issuer licenses to HSBC Holdings and Anchorpoint Financial, which is a joint venture between Standard Chartered, HKT, and Animoca Brands. This is a meaningful signal that Hong Kong, despite China’s on-again off-again relationship to crypto, seeks to become a regulated hub for stablecoins. These formal licenses set guidelines for reserve requirements, audits and other regulations aimed at consumer protection, bringing the wild west of crypto into something looking more like traditional banking. As more and…
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Chinese firm enters Bitcoin mining with $155M ASIC machine order
Despite China’s growing pollution-based crackdown on Bitcoin production, Zhongjia Bochuang wants 2,000 crypto mining machines running by May, with plans to grow to 20,000
While the mining machines are a new business line for ZJBC, it is not the AI and cloud communications-focused company's first foray into the cryptocurrency mining business. It noted that one of its subsidiaries, Changshi Telecommunication, has been building and maintaining blockchain mining farms since 2018.
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Citing energy concerns, China’s Inner Mongolia region bans crypto mining
The highly polluted region is one of China’s largest cryptocurrency mining centers, but it’s power grid is overtaxed as Beijing pushes renewables
One of China’s largest bitcoin mining regions, Inner Mongolia’s electricity generation comes largely from highly polluting coal-burning power plants. It accounts for about 8% of the total global bitcoin mining. Yet Beijing has been pushing for more renewable energy for years, as pollution levels grow.
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India's biggest bank is looking at blockchain as the government plans to ban crypto (Photo: Wikipedia)Blockchain and digital currencies advance in Asia
India’s largest bank has joined JPMorgan’s Liink payments project as central banks from China, Thailand, and the United Arab Emirates join Hong Kong’s multinational digital currency project
The State Bank of India, which manages nearly a quarter of the nation’s assets as well as its loan and deposits market, decided to join JPMorgan’s blockchain payments system. Meanwhiles, the State Bank of India, a nationally owned retail bank, will use JPMorgan’s Liink blockchain system to make its cross border-payments faster and cheaper.
